As a seasoned researcher with a keen interest in the intersection of politics and technology, I have been closely observing the 2024 US presidential election from a unique perspective – that of the cryptocurrency industry. My journey through blockchain and digital assets began more than a decade ago, and I’ve seen firsthand how this revolutionary technology has grown into a global phenomenon.
2024 U.S. Presidential Election Sparks Cryptocurrency Industry Endorsements: Numerous execs and business owners have expressed their backing for the candidates, showcasing their preference for one or the other.
Although former President Donald Trump, the Republican nominee, has received significant support from the cryptocurrency sector, Vice President Kamala Harris, the Democratic nominee, has also secured noteworthy endorsements.
On November 5th, CryptoMoon examined public statements regarding cryptocurrencies made by both candidates during their campaigns.
Trump leads in crypto-related endorsements
Trump, who has shown a change of stance on Bitcoin (BTC) over the last few years, has garnered significantly more crypto-centric endorsements compared to Harris.
A potential explanation might lie in the timing of Harris’ entry into the race, as she received the Democratic nomination in July. Conversely, Trump declared his candidacy almost two years prior to the election, in November 2019.
Back in May 2024, I was thrilled to witness an early endorsement for the presidential candidate by none other than Jeremy Kauffman, the visionary mind behind the blockchain-driven file-sharing platform, LBRY.
Instead of this: In contrast, Harris received her first crypto-related endorsements a few months later, with former Uphold CEO JP Thieriot voicing support for her in August 2024. John O’Farrell, general partner at the crypto-friendly venture capital firm Andreessen Horowitz (a16z), also endorsed Harris in August.
Crypto executives and investors endorsing Trump
Distinguished personalities within the cryptocurrency sector, including top executives at notable exchanges such as Kraken and Gemini, have extended their support to Trump.
In June, the co-founders of Gemini, Cameron and Tyler Winklevoss, donated 2 million dollars worth of Bitcoin to support Donald Trump’s re-election bid, pointing out his supportive views on cryptocurrencies.
In June, I, as an analyst, noted that Kraken’s co-founder, Jesse Powell, publicly pledged a $1 million contribution to Donald Trump. He justified his decision by stating that Trump was the “only pro-cryptocurrency contender among the major political parties.
Cathie Wood, the founder of ARK Invest and a prominent Bitcoin advocate who predicts its value could reach $1 million per coin, has also openly supported Donald Trump in June.
Elon Musk, who has put over $700 million into Bitcoin through his electric car firm Tesla, has shown support for Donald Trump and has been seen at a number of the ex-president’s campaign events.
As a crypto investor, I’m part of an exciting community that boasts some notable figures who have shown their support for Donald Trump. Among them are Charles Hoskinson, founder of Cardano, Mike Belshe, CEO of BitGo, Justin Sun, creator of Tron, Charlie Shrem, Bitcoin Foundation’s original architect, pro-Bitcoin author and entrepreneur Robert Kiyosaki, and Ryan Selkis, co-founder of Messari.
A number of prominent venture capitalists and business executives, such as ex-PayPal President David Marcus, Douglas Leone from Sequoia Capital, and Marc Andreessen, one of the co-founders of Andreessen Horowitz, have expressed their support for Trump.
Harris gains crypto endorsements despite late start
Even with a delayed entry into the discourse, Harris has managed to gain backing from numerous figures in the cryptocurrency sector. On September 23rd, she publicly voiced her favorable stance towards the industry, highlighting her commitment to both supporting it and enforcing consumer safeguards.
Harris gained backing from influential figures within the cryptocurrency sphere, as evident by Ripple’s CEO, Chris Larsen, penning a letter to endorse Harris back in early September.
In September, the executive director of the Blockchain Foundation, Cleve Mesidor, showed support for candidate Harris by organizing a fundraising event worth $100,000 for his presidential campaign.
In simple terms, Laura Shin, who founded the “Unchained” podcast, showed her backing for Harris in an October article for Time magazine. Her suggestion was for the Democratic candidate not only to accept cryptocurrency but also to actively contribute to its growth and prosperity.
Mark Cuban, a billionaire venture capitalist and active crypto investor, has emerged as one of the biggest supporters of Harris, arguing that a second Trump term would be “worse” than his first. Cuban reportedly claimed he hadn’t given Harris’ campaign “a penny.”
Executives from venture capital firms supportive of cryptocurrencies, such as a16z and SkyBridge Capital, have shown support for Kamala Harris. In August, a16z’s John O’Farrell announced his intention to vote for Harris. Later in September, SkyBridge Capital’s Anthony Scaramucci expressed that he was collaborating with Harris on the campaign’s cryptocurrency policies, stating that the efforts are moving in the right direction.
No matter who wins?
Crypto leaders have chosen not to support any particular candidate, instead believing that the industry’s progress will continue, irrespective of the outcome of the election.
As a crypto investor, I recently learned that Tim Draper, a key figure in our industry, made contributions to the U.S. presidential campaigns of both Harris and Trump last October. He expressed trust that “the hearts of both candidates are in the right place.
In August, Brian Armstrong, CEO of Coinbase, stated that he believes the upcoming U.S. administration, regardless of which political party comes out on top, will take a supportive stance on cryptocurrency.
As per the perspective of Bitcoin supporters like Mati Greenspan, who is the founder of Quantum Economics, this method is associated with a commonly used saying about Bitcoin in the industry that regulation isn’t significant enough to influence Bitcoin users into supporting candidates such as Kamala Harris. Greenspan expressed:
“While it’s true that nobody can stop Bitcoin, it’s pretty clear that having a President who knows what it’s like to launch an ICO will be very good for the industry.”
There’s been a fair amount of endorsement towards Greenspan’s viewpoint on the election within social media circles. In particular, a survey conducted by MicroStrategy founder Michael Saylor showed that approximately 90% of the 100,000 participants, in response to his poll on October 27th, favored Trump when it comes to Bitcoin support.
Additional reporting by Turner Wright.
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2024-10-30 14:22